Special Enrollment Period For Those With Cobra Insurance

The Indiana Department of Insurance is alerting individuals currently purchasing health insurance through the Consolidated Omnibus Budget Reconciliation Act (COBRA) they may qualify for a special enrollment period allowing them to enroll in an individual health insurance plan instead. Individuals so choosing must enroll in a new plan by July 1.

Individuals who choose to replace their COBRA coverage with a private health plan through the Federal Marketplace may lower their premium and qualify for tax credits that can lower their monthly premiums.
To enroll in a Marketplace plan during this one-time special enrollment period, contact the Marketplace Call Center at 1-800-318-2596 or 1-855-889-4325.

“Those seeking coverage in a Federal Marketplace health plan could qualify for premium tax credits and lower out-of-pocket costs, depending on their household size and income,” said Insurance Commissioner Stephen W. Robertson. “However, consumers also may want to consider other plans to determine the overall best option for them.”

To explore plans not in the Marketplace, which typically have broader networks and more available doctors and hospitals, Hoosiers can contact a health plan directly or work with a health insurance agent. Agents – also called producers – are licensed by the Indiana Department of Insurance. To find one, go to Indiana Department of Insurance website.

The next open enrollment period is Nov. 15, 2014-Feb.15, 2015 for 2015 coverage. Individuals currently covered by COBRA who miss the July 1 deadline for the one-time special enrollment period will have to wait to enroll in a new Marketplace plan during the 2015 open enrollment period, or they can enroll when their COBRA coverage expires. However, if they choose to end their COBRA coverage early outside of the open enrollment period and after the July 1 deadline, they will not be able to enroll in a Marketplace plan until open enrollment begins on Nov. 15.